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Bitcoin price falls below $40,000, retracing all gains made since multiple ETFs were approved

By Brian McGleenon • Edited by Nathan Crooks

Ecosystems•January 22, 2024, 3:18PM EST

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Bitcoin price falls below $40,000, retracing all gains made since multiple ETFs were approved

Quick Take

The price of bitcoin fell below the $40,000 mark on Monday to levels not seen since early December.
The price of SOL, meanwhile, has decreased by almost 10% in the past 24 hours, falling the furthest amongst major cryptocurrencies.

The price of bitcoin declined on Monday to levels not seen since early December, falling below $40,000 amid ongoing focus on outflows from Grayscale's spot ETF.

The largest digital asset by market capitalization has declined over 5% in the past 24 hours and is was changing hands for $39,505 at 2:42 p.m. ET, according to The Block data. The global cryptocurrency market cap fell by 4.8% on Monday to a value of $1.64 trillion.

CoinDesk reported earlier in the day that defunct cryptocurrency exchange FTX has sold nearly $1 billion worth of shares in Grayscale's GTBC fund since the firm's instrument was converted to trade as a spot bitcoin ETF.

Bitcoin has fallen below the $40,000 mark. Image: The Block.

Sol price falls furthest amongst major tokens

SOL, the native token of the Solana network, has fallen furthest amongst major cryptocurrencies over the past day. The token has decreased by almost 10% over the past 24 hours to $83.76 at 2:42 p.m. ET, according to The Block data.

Amidst the decline in the price of SOL, Solana network non-vote transactions are on pace to drop significantly in January, according to The Block's Data Dashboard.

Non-vote transactions, which refers to a movement of SOL between Solana accounts, has fallen from a multi-month high of over 786 million in December, to a low of 491 million 21 days into the month of January. Unless there is a sudden uptick in network activity, this puts transactions on pace to drop significantly in January.

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Another metric that also shows a decline in Solana-based activity is the daily seven-day moving average of non-vote transactions on the network, which fell from over 24 million to over 23 million.

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